The Aloe Vera Products Market is estimated to be valued at US$ 2.53 Bn in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the aloe vera products market. Coherent Market Insights’ analyst projected the aloe vera products market to be valued at US$ 2.53 Bn in 2031. It is expected to exhibit a CAGR of 7.5% over the forecast period 2024 -2031.

As health and wellness trends rise globally, the market is growing continuously. Aloe vera is rich in various nutritional and medicinal properties that help boost immunity, promote digestive health, skin healing, and hair growth. It contains antioxidants that protect cells from damage, thereby contributing to anti-aging. There are many medicinal properties present in the aloe vera that render it a highly preferred ingredient in many consumer products.

Moreover, rising expenses on beauty and personal care are also supporting global market growth.

Key market trends include: Increased demand for natural products: The healthy awareness of consumers has lately increased their preference for natural and organic personal care, cosmetic products, and goods. Aloe vera is a natural product. As a result of this trend, the market is in high demand for more organic aloe vera-based goods; thus, there’s a strong demand for organic aloe vera-based drinks, gels, cosmetics, etc.

Increasing demand for the product in multifunctional applications: Manufactures are focused on developing innovative products based on aloe vera to provide various benefits. Most of the new product launches revolve around the use of aloe vera in combination with other natural ingredients that cause synergistic effects, such as products offering the benefits of aloe vera combined with cocoa, green tea, or fruit concentrates, among others.

Aloe Vera Products Market Opportunities: Aloe vera gel accounts for the largest share of the market currently valued at around USD 1 billion in 2024. The gel is known for its moisturizing and healing properties and is widely used in skin care and cosmetic products. It soothes skin irritation and aids wound healing. The growing personal care industry is expected to drive the demand for aloe vera gel during the forecast period.

The aloe vera juice segment is anticipated to witness the highest growth over the next 7 years, growing at a CAGR of over 9%. Aloe vera juice has gained popularity as a health drink due to its proposed benefits such as improving digestion and boosting immunity. Moreover, the usable form and versatility of aloe vera juice in various end-use industries including functional foods & beverages and pharmaceuticals are supporting the growth of this segment.

Key Market Takeaways: The global aloe vera products market is anticipated to witness a CAGR of 7.5% during the forecast period 2024-2031. This is owing to the increasing application of aloe vera in personal care, pharmaceuticals, and food & beverage industries.

On the basis of product type, the aloe vera gel segment is expected to hold a dominant position, accounting for over 35% market share in 2031, owing to its wide usage in skin & hair care products.

By application, the cosmetics and personal care industry will remain the largest end-user of aloe vera. This is driven by rising expenditures on skincare and cosmetic products globally.

The pharmaceutical segment is projected to showcase the highest growth during the forecast period, growing at a CAGR of over 8.5%. This is due to the anti-inflammatory, antibacterial and wound healing properties of aloe vera.

North America is expected to hold a dominant position over the forecast period, with the US market valued at USD 600 million in 2024. This is attributed to increased consumer awareness about the health benefits of aloe vera.

Competitor Insights : Key players operating in the aloe vera products market include Forever Living Products, LR Health & Beauty Systems, Herbalife International, Aloecorp, Inc., Aloe Laboratories, Inc., Lily of the Desert, Terry Laboratories, Foodchem International Corporation, Pharmachem Laboratories Inc., Green Earth Products Pvt. Ltd., ALZO International Inc., Avi Naturals, Bounce Curl, CalMango, Inc., Camden-Grey Essential Oils, Inc., Croda International Plc, Ekologie Forte Pvt.Ltd., Essential Depot, Inc., Hallstar, and Holistique Beauty Products Private.

Recent Developments: In 2023, the health-conscious beverage company Kelly Loves announced the release of its newest offering, an aloe vera drink with a pineapple flavor. This creative product offers customers a tasty and wholesome substitute for conventional drinks by fusing the revitalizing flavor of pineapple with the many health advantages of aloe vera. More information in full report